Revised Guidelines for Foreign Exchange Reserve Management

Policy Papers, February 1, 2013

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Revised Guidelines for Foreign Exchange Reserve Management

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Bibliographic details

• Published: February 1, 2013
• Series: Policy Papers

Revision process and contributors

• The 2013 revision of the Guidelines was carried out by the IMF staff.
• A small Working Group of central banks and monetary authorities supported the IMF staff. The Working Group included representatives from: China, India, Israel, Italy, Mexico, Japan, Russia, Saudi Arabia, Switzerland, the European Central Bank, and the Bank for International Settlements.
• The World Bank acted as reviewer in the process.
• Mr. Franco Passacantando, Managing Director at the Bank of Italy, chaired this Working Group.

Core areas of revision

• Reserve management objectives and strategy
  • Emphasis on analyzing and managing risks in the context of reserve diversification.
• Transparency and accountability
  • Guidance to avoid reserve management decisions being dictated by the prevailing accounting framework.
• Institutional and organizational framework issues
  • Focus on avoiding possible inconsistencies between reserve management and other central bank operations.
• Risk management framework
  • Include ex-ante assessments of the impact of reserve investments on financial markets.
  • Build internal credit risk assessment systems to assess counterparty risks.

Publication and access details

• Publication date: February 1, 2013
• The page offers a Download PDF option.
• The IMF eLibrary offers over 25,000 IMF publications in multiple formats.

Subject tags and classifications

• Executive Board decisions
• Financial stability
• Foreign exchange
• Lapse of time approval
• Reserve management policy
• Risk management
• Transparency

Source: Revised Guidelines for Foreign Exchange Reserve Management — International Monetary Fund (February 1, 2013); https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/revised-guidelines-for-foreign-exchange-reserve-management-pp4749

Content in this bundle

• Revised Guidelines for Foreign Exchange Reserve Management; IMF Policy Paper; February 1, 2013
  • Revised Guidelines for Foreign Exchange Reserve Management; IMF Policy Paper; February 1, 2013 (Markdown version)
  • Revised Guidelines for Foreign Exchange Reserve Management; IMF Policy Paper; February 1, 2013 (PDF)